To check whether a crypto company is a licensed bank in the United States, identify the exact legal entity behind the brand and verify its claimed charter with the relevant banking regulator. A partner bank is a separate question: look it up in the FDIC’s BankFind Suite, then read the account documents to see whether your particular balance is an eligible deposit. A bank charter, a bank partnership and deposit insurance are three different things.
Start with the exact legal entity
A familiar app or exchange name may not be the company named in the contract, the entity providing a service, or the institution holding customer funds. Check the terms of service, account agreement, regulatory disclosures and website footer. Note each legal name separately rather than treating the brand as the institution.
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This matters because a regulator search only tells you about the entity you searched. If the documents name different companies for the crypto service, customer balance and bank account, verify each role rather than assuming the brand’s status applies to them all.
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If the company says it is a national bank or federal savings association, search the OCC’s official financial-institution lists and review relevant licensing or decision records. Match the exact legal name and distinguish an operating charter from an application or conditional approval. The OCC publishes pending digital-asset licensing applications separately from its lists of chartered institutions; appearing as an applicant is not proof that a company is operating under a bank charter.
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The OCC’s federal records address national bank and federal savings association claims. If the company claims a state bank charter, check the relevant state banking regulator too. An OCC or FDIC search alone does not establish state or foreign licensing.
Verify a partner bank and the specific account
A crypto company may say that customer cash is held at a partner bank. That does not make the crypto company a bank. Search the partner’s exact legal name, website or FDIC certificate in the FDIC’s BankFind Suite, which locates current and former FDIC-insured banks and branches. Confirm the result is the same institution named in the product documents.
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BankFind establishes whether an institution is FDIC-insured; it does not establish that a balance in a crypto-company product is an insured deposit. Read the account agreement and disclosures for:
- Which legal entity owes the balance to you.
- Which bank receives the funds, and when they are deposited there.
- Whether the balance is a bank deposit, crypto asset, investment or obligation of the nonbank company.
- Whether the arrangement relies on pass-through deposit insurance and what records or ownership requirements apply.
The FDIC says pass-through coverage can depend on funds actually being deposited at the insured bank and on ownership records and other requirements. A bank name or insurance logo in an app is not enough to determine whether a particular account qualifies.
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Match the protection to the asset and the failure
Deposit insurance applies to eligible deposits at insured banks, subject to applicable coverage rules. The FDIC’s 2024 consumer guidance gives at least $250,000 in coverage for direct deposit accounts at an FDIC-insured bank; that threshold does not apply to crypto assets or amounts owed by a nonbank company. The FDIC also states that, since 1934, no depositor has lost a penny of FDIC-insured funds because of an insured bank’s failure. That historical statement concerns insured funds and bank failures, not a crypto platform’s solvency.
The FDIC’s fact sheet puts the asset distinction plainly: “The FDIC does not insure assets issued by non-bank entities, such as crypto companies.” Deposit insurance does not cover crypto assets, investment losses, theft, or the failure of a nonbank crypto company.
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Ask two separate questions: what happens to the eligible deposit if the partner bank fails, and what happens to your funds or assets if the crypto platform fails? A bank partnership may affect where cash is deposited, but it does not make the platform FDIC-insured or guarantee recovery if the platform becomes insolvent.
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The OCC says national banks and federal savings associations may provide crypto-asset custody and execution services, including through third parties, subject to safe and sound operation and applicable law. In its May 7, 2025 release, the OCC said: “As with any activity, a bank must conduct crypto-asset custody activities, including via a sub-custodian, in a safe and sound manner and in compliance with applicable law.” A joint statement from the OCC, Federal Reserve and FDIC likewise describes safekeeping as holding an asset for a customer and says existing law and risk-management principles apply to banking organizations providing that service.
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These statements concern what banking organizations may do. They do not grant a bank charter to a crypto company that uses a bank’s services, nor do they establish that crypto assets held in custody are insured deposits.
What to do when a claim does not match the records
- If marketing names one bank but the agreement names another entity, ask the company to explain which entity holds the funds and what the balance legally represents.
- If you cannot find the claimed bank in BankFind, ask for its exact legal name or FDIC certificate and verify the claim before relying on it.
- If a company implies that crypto itself is FDIC-insured, treat that as a warning sign and check the claim with the FDIC or the relevant regulator.
- If a charter application or conditional approval is cited as proof, check the OCC’s current licensing records for a final operating charter.
Keep the questions distinct when you investigate: does the crypto company itself have a bank charter; is a separate insured bank involved; and are your specific funds eligible deposits there? Evidence for one does not answer the others.
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